The DJIA rose 109 points while Nasdaq was up 4, the S&P 500 rose 11 points and the 10-year treasury yield was down another .05 to 3.74%. Lodging stocks were modestly lower on the day. The biggest percentage mover was VCSA, down -7% while ABNB rose to another 52 week high.
Baird gave a 2Q earnings preview, maintaining their Outperform ratings on Choice Hotels and Wyndham despite saying RevPAR growth in the lower-end chain scales has slowed more than expected. Baird lowered top line growth assumptions for 2Q23 and 2H23 but said they believe the tougher near term comparisons and slower fundamental backdrop normalizes/moderates in 2024 when company-specific growth drivers should be better appreciated by the investment community.
The Irish Independent decided to publish an article on how Joe Gebbia, the co-founder of Airbnb, sold more than $1 billion worth of stock this year, the most recent being the sale of 516,666 Class A shares on July 13. Gebbia stepped down from a full time role with ABNB last year and has sold more than $1.37 billion worth of ABNB stock since last July. Considering the shares are up about 50% since last year and are now at 52 week highs, the timing of this article seems a bit strange. It is not like ABNB insiders have not been steady sellers since their lock up periods expired.
STR reported US lodging data for the week ended July 15. Hotel RevPAR was up 1.6% on a year over year basis.
The Burnet, Texas City Council approved the construction of a $13 million, 87-bed Marriott hotel to be built by the north side of the Burnet Municipal Airport. Hotel plans include a pool and 3,000 square feet of event space. The property is owned by TEKMAK Development.
The Ritz-Carlton Hotel in Portland, Oregon has delayed its opening for two months. Originally slated to open in mid-August, the 250-room property will now open October 15.
Marriott, Crawford Hoying and Shaner Hotel Group hosted a grand opening party in Dayton, Ohio for the AC Hotel Dayton. The property features The Foundry, a rooftop bar and restaurant.
Mainsail Lodging & Development announced the Scrub Island Resort, Spa & Marina will be ending its 11-year affiliation with Marriott International’s Autograph Collection and will once again operate as an independent luxury resort. The decision to return to its independent roots comes amid a flurry of island-wide enhancements and a major $8 million, 18-month capital improvement plan. The multi-phase upgrade is already under way and includes the recently opened Marina Cay Bar & Grill. The capital improvements will also include enhanced dining experiences, new furnishings in Marina Village accommodations and select villas, expansion of offerings on Marina Cay and much more. The project is scheduled to be completed by Spring of 2024. Located on Scrub Island in the British Virgin Islands, the resort offers 52 accommodations, two private beaches, a waterfront infinity pool, spa, world-class dining and a 55-slip marina.
Construction is beginning on a $12 million hotel near Toyota Field in the Town Madison district of Madison, Alabama. PHD Hotel is developing a 100-room Homewood Suites by Hilton featuring meeting space, a business center, pool, firepit and guest laundry.
Kolter Hospitality announced the acquisition of Hyatt House Fort Lauderdale Airport & Cruise Port and Hyatt Place Fort Lauderdale Airport & Cruise Port, located in Dania Beach, Florida. The deal with Blackstone will bring a total of 292 rooms to Kolter Hospitality’s growing portfolio.
Mandarin Oriental announced an agreement to manage a new Mandarin Oriental hotel and branded residences in Brickell Key, Miami, set to open in 2030. The new-build hotel will feature 151 guestrooms including 60 suites, as well as 61 private Residences and 28 hotel Residences. Adjacent to the hotel, a stand-alone tower will house 220 Residences at Mandarin Oriental.
IHG Hotels & Resorts announced the opening of its newest Candlewood Suites hotel in Georgia’s metro Atlanta area. Owned by Hamentbhai D. Patel and managed by Pride Hospitality, the Candlewood Suites Atlanta-Kennesaw offers 98 suites, and an outdoor gazebo grill.
Wayside Investment Group reached an agreement to purchase two Extended Stay America Suites properties in Dallas, the 118-unit hotel on Frankford Road and the 150-unit hotel on Carnaby Street in Irving. The transaction is expected to close by the end of July.
Hillside Development is proposing a 10-unit boutique hotel for the former Caven Presbyterian Church on Main Street in Exeter, Ontario.
Italian wine brand, Santa Margherita, has teamed up with boutique hotel Walker Hotel Greenwich Village to create the ultimate Rose-inspired retreat. The Santa Margher-suita promises to provide the essence of an Italian Rose-All-Day summer and staycation experience in the heart of New York City, complete with a Rose All Day Butler, 24/7 on-call content concierge and more.
Davidson Hospitality Group launched DH Creative, an in-house creative agency specializing in comprehensive brand development services and creative direction for its hotels, resorts, restaurants, bars, spas, and membership clubs. A one-stop shop, DH Creative provides the same high-touch services as an outside agency at a fraction of the cost. Services include brand development; project management; photography & videography; and website development. Additionally, Davidson has perfected its overall management approach through the deployment of highly specialized teams designated by operations verticals.
Funds managed by Oaktree Capital Management, L.P. and Trinity Investments arranged a $515 million refinancing of the existing $360 million loan for The Westin Maui Resort & Spa, Ka’anapali. The refinancing follows the completion of Oaktree and Trinity’s close to $120 million renovation and repositioning plan for the resort. Eastdil Secured LLC brokered the transaction. Located on Ka’anapali Beach in Lahaina, Hawaii, the 12-acre, 771-key resort features an 87,000 square foot aquatic playground, premier restaurants, lush gardens and waterfalls, and access to two championship golf courses.
A lender is parting ways with the 42-story New Yorker hotel buildinglocated on Eighth Avenue in New York City. According to the Commercial Observer, the Wyndham-branded property’s $106 million loan is now up for grabs. Newmark is marketing the asset’s performing loan on behalf of lender M&T Bank. The senior mortgage – which has a loan-to-value ratio of 43% is secured by the 1.1 million square foot building, which features 1,000 hotel keys, student housing, office space and multilevel retail space.
Luxury hospitality brand AKA has appointed T. Blake Danner as COO. Danner will focus on elevating and maintaining continuity across AKA’s growing portfolio by providing guided support to AKA’s managing directors and staff, ensuring the guest experience remains consistent via day-to-day operations at the properties and working with the entire team to deliver to AKA’s brand standards. Danner came to AKA from Proper Hospitality where he served as COO.
Building upon the heritage of Aspen Skiing Company, Aspen One has been named the new parent that will manage Aspen Skiing Company, Aspen Hospitality, and ASPENX. Aspen One will be led by David Tanner as Chief Executive Officer and will provide the strategic leadership for the rapidly growing portfolio of businesses. Aspen One will enable the expansion of the Aspen brand globally by developing enhanced strategies and services to support growth and by accelerating investment across hospitality, retail, experiences, and clubs.